Zscaler: Temporary Weakness Presents an Opportunity (NASDAQ:ZS)

Richard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of the long-term business outlook. Narweena believes that risk-adjusted excess returns can be achieved by identifying businesses with secular growth opportunities in markets with barriers to entry. Narweena’s research process focuses on company and industry fundamentals to uncover unique insights. Narweena has a high risk appetite and a long-term horizon, looking for stocks that are deeply undervalued. Coverage is skewed toward smaller-cap stocks and markets where competitive advantages are not evident. Investments are driven by the belief that an aging population with low population growth and stagnant productivity growth will create a different opportunity than what has worked in the past. Many industries are likely to experience stagnation or secular decline, which counterintuitively can improve business performance if competition decreases. On the other hand, other businesses may face rising costs and diseconomies of scale. In addition, economies are becoming increasingly dominated by asset-light businesses, and the need for infrastructure investment is declining over time. As a result, much capital pursues a limited set of investment opportunities, driving up asset prices and compressing risk premiums over time. Durant holds undergraduate degrees in engineering and finance from the University of Adelaide ( Honours) and an MBA. from Nanyang Technological University (Dean’s Honor List). He also passed the CFA exams.